ICE Canada Morning Comment: Canola slipping back
Cumulative canola exports nearly 8.20 million tonnes
By Glen Hallick
Glacier Farm Media | MarketsFarm – Intercontinental Exchange canola futures were slightly lower on Friday morning due to pressure from comparable oils.
Losses in the Chicago soy complex and European rapeseed weighed on canola values, while upticks in Malaysian palm oil tried to stymie further declines. Crude oil was down moderately, which put pressure on the vegetable oils.
The Canadian Grain Commission reported year-to-date exports of canola reached 8.19 million tonnes. With 11 weeks remaining in the 2024/25 marketing year, those exports could exceed Agriculture and Agri-Food Canada’s recently revised canola export estimate of 8.50 million tonnes.
Saskatchewan reported yesterday that overall spring planting was almost three-quarters complete, with canola seeding nearly 60 per cent finished. Alberta is scheduled to issue its crop report this afternoon.
With Memorial Day in the United States on Monday, their markets will be closed that day until the overnight session begins at 7 p.m.
The Canadian dollar was stronger on Friday morning, with the loonie at 72.46 U.S. cents, compared to Thursday’s close of 72.11.
Approximately 8,000 contracts were traded by 8:41 CDT and prices in Canadian dollars per metric tonne were:
Price Change Canola Jul 715.80 dn 0.10 Nov 684.80 dn 1.00 Jan 691.50 dn 0.50 Mar 695.30 dn 2.40
